You Have Not Known Pain Until You've Tried To Limit The Borrowing Costs of Spain!!!
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Spain paid a euro era record price to sell short-term debt on Tuesday, pushing it closer to becoming the biggest euro zone country to be shut out of credit markets. The soaring borrowing costs highlight the shortcomings of a June 9 euro zone deal to lend Spain up to 100 billion euros ($126 billion) for its banks.

They also illustrate how Europe's problems run much deeper than Greece, brought back from the brink of default in Sunday's parliamentary election.

Spain, the euro zone's fourth largest economy, had to pay 5.07 percent to sell 12-month Treasury bills and 5.11 percent to sell 18-month paper - an increase of about 200 basis points on the last auction for the same maturities a month ago.

And this was AFTER the bailout! With friends like those, who needs enemies, eh?

While Spain's 10-year bond yields eased slightly to around seven percent after the sale, the auction underscored the government's increasingly shrill pleas for help from the European Central Bank, two days before Madrid tries to sell three-to-five year bonds.

Over the last two months, as the MSM and sell sides have underplayed the importance of Spain's problems, I have repeatedly underscored the threat that Spain actually presents to the EU and the world economy...